Clause 16

by deleting the words “not more than 50 persons, each of whom is” in the 4th line of subsection (1);

by deleting the words “the Stock Exchange of Singapore Ltd.” in the 10th and 11th lines of the definition of “advertisement” in subsection (2) and substituting the words “a stock exchange in Singapore”;

by deleting the words “section 48(1)” at the end of the definition of “advertisement” in subsection (2) and substituting the words “section 48”;

by deleting the words “S$1 million” in the 2nd line of paragraph (b)(i) of the definition of “sophisticated investor” in subsection (2) and substituting the words “S$2 million”;

by deleting “S$200,000” in the 5th line of paragraph (b)(i) of the definition of “sophisticated investor” in subsection (2) and substituting “S$300,000”;

by deleting the words “S$5 million” in the 2nd line of paragraph (b)(ii) of the definition of “sophisticated investor” in subsection (2) and substituting the words “S$10 million”; and

by deleting subsection (4) and substituting the following subsection:“(4) The Minister may, by order published in the Gazette, specify an amount in substitution of any amount specified in paragraph (a) or (b) of the definition of “sophisticated investor” in subsection (2).”.